Terryberry is a provider of employee rewards and recognition programs, serving thousands of clients in North America and the UK. The company has been family-owned for over a century. Below is our recent interview with Mike Byam, CEO at Terryberry:

Q: Your recognition mailbox got a major overhaul in the 3.0 release; could you tell us something more?

A: In 2009, Terryberry’s Give a WOW platform was one of the first SAAS options available on the market to provide organization’s with a private social media-style interface for employee recognition. In the decade since, Terryberry has continue to offer innovative solutions for the Rewards and Recognition industry. Recognition Mailbox changes the game again, by enabling organizations to “systematically recognize virtually any goal-based behavior.”

A: Terryberry’s 360 Recognition Platform is one hub with everything organizations need for effective employee recognition. 360 Recognition is comprised of plug-and-play modules, making it easy for recognition to grow with the organization. Modules include: service awards, performance incentives, peer-to-peer recognition, manager-driven recognition and more. Terryberry also provides rewards and recognition products for any and every achievement – from small tokens of appreciation to high-end employee awards for major career achievements.

Q: Why are employee recognition and engagement important?

A: Most of us would agree that being recognized for a job well done feels good. But what happens when people who contribute at a high level aren’t recognized and appreciated? Lack of recognition breeds apathy and resentment. For leaders, the question isn’t whether we can spare the time to appreciate the contributions of our team members, but rather whether we can afford the consequences if we fail to do so.

Compensation alone doesn’t keep top talent. According to Forbes, 79% of employees who quit cite lack of appreciation as the reason; and the Human Capital Institute reports that organizations with strategic recognition programs have 23.4% lower turnover than those without. In spite of the compelling data, many organizations struggle to recognize the good work of their staff members consistently and in a meaningful way. This is why a structured recognition program is important for organizations.